South Africa’s contactless payments platform SnapScan has upgraded its app to allow subscribers to make peer-to-peer payments from its electronic wallet. According to a statement from SnapScan, all that is needed is for both the paying party and the party receiving the money to have the SnapScan app installed. Users can send money as many times as they like, with zero transaction fees. There is a R2 000 daily transfer limit and the maximum amount of money that can be stored in the SnapScan Wallet is R25 000.

The new version of the SnapScan Wallet will do away with the “major pain point” of paying a friend for a small purchase like a coffee or lunch. It doesn’t matter who either party banks with.

The money will remain in the recipient’s wallet until they choose to use it or withdraw it to their bank account

Read also:Nigerian Startups Lead African Startup Expansion Efforts In 2021, With Fintech Topping The List

“The process is streamlined and beats setting up an EFT,” said Caitlin Spring, head of growth and marketing at SnapScan, in a statement on Thursday.

“Whether users want to repay a friend for lunch, chip in for an office gathering or help out a friend in a sticky situation, they can quickly send money to someone’s SnapScan Wallet,” Spring said. “The money will remain in the recipient’s wallet until they choose to use it” or withdraw it to their bank account, once their app has been “verified”. Withdrawing cash attracts a 3.5% service fee.

Read also:Haller Foundation Partners Mara Phones to Boost Technology Accessibility in Rural Africa

Recipients can spend the money in their Wallet at any business that has SnapScan payments – there are about 60 000 such merchants – as well as within the app.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry